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The cost varies based on the size and complexity of the company. Generally, a simple Creditors' Voluntary Liquidation (CVL) may cost between £4,000 and £8,000, plus VAT and disbursements. The liquidator's fee is often taken from the company's assets, but if assets are insufficient, directors may need to fund the process personally.

Your company is eligible if it is insolvent, meaning it cannot pay its debts as they fall due. A licensed insolvency practitioner will assess your balance sheet and cash flow to confirm insolvency. If the company has assets to cover costs, liquidation can proceed. If not, alternative funding or a different procedure may be necessary.

First, the board holds a meeting to pass a resolution to wind up the company. Then, within 14 days, a meeting of creditors is held to confirm the liquidator's appointment. The liquidator takes control of assets, notifies creditors, and realises assets to distribute funds. Finally, the company is dissolved after the final meeting.

A straightforward CVL typically completes in 6 to 12 months. However, complex cases with many creditors, legal disputes, or asset recovery issues can extend the timeline to several years. The liquidator must also account for statutory waiting periods, such as the 21-day period for creditor objections to the liquidator's appointment.

Alternatives include a Company Voluntary Arrangement (CVA) to repay debts over time, administration to allow a restructure or sale as a going concern, or informal negotiations with creditors for extended payment terms. A licensed professional can help you decide which option is most suitable based on your company's specific circumstances.

Yes, but you may need to fund the liquidation yourself if there are no assets to cover the liquidator's fees. Some liquidators offer a 'no asset' CVL at a fixed fee, but you must ensure that the company can afford the process. Alternatively, a strike-off (dissolution) might be possible if the company has no debts, but this is not suitable if debts exist.

Employees are made redundant when the company enters liquidation. They can claim statutory redundancy pay, notice pay, and unpaid wages from the National Insurance Fund, though certain caps apply. The liquidator provides each employee with a claim form (RP1) to submit to the Insolvency Service. Employees are also preferential creditors for up to £800 of unpaid wages.

Generally, no, because a limited company is a separate legal entity. However, personal liability can arise if you have given personal guarantees, or if you have acted wrongfully (e.g., trading while insolvent without taking steps to protect creditors). The liquidator may also pursue you for recovery of assets if you have taken money improperly.

Yes, you can continue trading during the preparation phase, but you must act in the best interests of creditors. Avoid taking on new credit or making preferential payments. Once the resolution to wind up is passed, trading must cease except for the purpose of a beneficial realisation of assets. The liquidator will guide you on legal boundaries.

You must provide full financial records, including accounts, bank statements, tax returns, debtor and creditor lists, and details of any assets. You also need to complete a statement of affairs, which outlines the company's financial position. The liquidator will use this information to investigate the company's affairs and report to creditors.